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Commodities

Gold Price Analysis: XAU/USD continues to be trapped between key DMAs ahead of Fed week

Gold (XAU/USD) resumed the bearish momentum of its following a brief recovery from multi-month lows sub 1dolar1 1800 in the last week.

The sellers returned after the metal faced rejection at the 50-daily shifting typical (DMA), now at $1875.

On Wednesday, gold fell as much as 1 % to close to the $1825 region and spent the remainder of the week meandering near the latter, using the upside endeavors capped by the 21 DMA of $1841.

Gold Price Chart: Daily

XAU/USD’s daily chart clearly shows that the price proceeds to oscillate in a defined range. Acceptance above the 50-DMA is important to reviving the recovery momentum from four-month troughs of $1765.

Meanwhile, the 200 DMA support at $1809 is the degree to get over for the bears. The 14-day Relative Strength Index (RSI) settled the week during 47.01, keeping the odds for extra downside alive.

Further, a failure to provide a weekly closing over the essential short-term hurdle of 21-DMA, also implies that more declines may just stay in the offing.

However, the Fed’s finalized monetary policy decision of this year and a probable US fiscal stimulus deal can have a big effect on the gold price action inside the week ahead.

Gold Additional levels
XAU/USD
OVERVIEW
Today previous price 1839.34
Today Daily Change 0.00
Today Daily Change % 0.00
Now every day open 1839.34

TRENDS
Everyday SMA20 1838.62
Day SMA50 1874.97
Everyday SMA100 1910.26
Daily SMA200 1809.34

LEVELS
Earlier Daily High 1847.78
Previous Daily Low 1824.16
Previous Weekly High 1875.34
Earlier Weekly Low 1822.22
Previous Monthly High 1965.58
Previous Monthly Low 1764.6
Day Fibonacci 38.2% 1838.76
Daily Fibonacci 61.8% 1833.18
Daily Pivot Point S1 1826.41
Day Pivot Point S2 1813.47
Everyday Pivot Point S3 1802.79
Everyday Pivot Point R1 1850.03
Daily Pivot Point R2 1860.71
Daily Pivot Point R3 1873.65

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